‘Gold Rush’: How Parker Schnabel Used His College Fund to Further His Mining Career

by Amy Myers

It’s true what they say – it takes money to make money. That’s why Gold Rush star Parker Schnabel had to dig deep to find the funds he needed to start his own mining business.

When Schnabel first began on Gold Rush, he was only a teenager looking to follow in his grandfather’s footsteps. At just 15 years old, the Parker became John Schnabel’s right-hand man, quickly learning and mastering the ropes of the trade. Once he got a bit older, the teenager then had a major decision to make – attend college or continue his journey in the gold industry.

As we know, Schnabel chose the latter and became a tycoon that challenges the skills of miners twice his age and experience level. But what Gold Rush fans might not have realized was that he also made a huge monetary decision at the time, too. As it turns out, Schnabel used his college fund to further his successes. Likely, the cash went to new machinery, staff members and land claims.

And, the cushion from the extra money paid off, literally. The Gold Rush star now boasts a networth of $8 million and has mined more than $13 million in gold, according to Celebrity Net Worth.

But when he first embarked on his official career, not everyone was supportive of his decision.

‘Gold Rush’ Star’s Parents Hoped He Would Attend School Instead

In an interview with Entrepreneur magazine, Schnabel admitted that his mother, Nancy, wanted him to go to college instead of jumping straight into the gold industry. And initially, the Gold Rush star intended to go.

“Well, my mom always hated the idea of me not going to college. So I always intended on going and not pissing her off,” Schnabel shared.

But then something (or rather, someone) happened.

According to the young Gold Rush star, once he met co-star and fellow industry giant Tony Beets, he made up his mind. Schnabel saw all the potential waiting for him at the Yukon riverbeds, and he knew he couldn’t pass up the opportunity.

Of course, during the interview, Beets saw right through Schnabel’s attempt to pass the blame onto him.

In response, Schnabel admitted, “Yes, now I blame Tony so Nancy can be pissed off at him!”

Schnabel’s Parents Respond to Their Son’s Inspiration

In the end, though, Schnabel’s parents knew that their son’s decision to skip school was the right one. Later, when the Gold Rush star proved his worth as a boss, his parents shared their pride in and support for their son – even if he does consider his grandfather as the most important person in his life.

“One time, Roger and I were actually watching Gold Rush. Parker said something like, ‘You know, my grandpa’s the most important person in my life,’” Nancy Schnabel explained. “And Roger and I are sitting there like ‘What? What are we? It was pretty funny.”